How Georgia’s Foreclosure Rate Compares to the Nation

2022-08-11

Demand for single-family homes has increased over the past two years as the coronavirus pandemic has prompted people to seek more living space. The increase in demand, facilitated by low interest rates and coupled with supply constraints, has led to soaring house prices. (These are 15 cities with the most expensive housing markets.)

But now the US housing market appears to be coming back to earth, with parts of the country showing early signs of distress. Foreclosure filings — a measure of the health of housing markets at the local, state or national level — are on the rise across the country.

According to Attom, a land and property data custodian, foreclosure filings – which include notices of default, bank foreclosures and scheduled auctions – increased 153% in the first half of 2022 compared to the same period last year. last.

In Georgia, foreclosures increased 148.1% from 2,310 in the first six months of 2021 to 5,731 in the first half of 2022. The state’s foreclosure rate of one in every 770 homes ranks at ninth highest in the country.

According to five-year estimates from the US Census Bureau’s 2020 American Community Survey, 64.5% of homeowners in Georgia are paying off a mortgage, the 17th-highest share among states.

About Teresa G. Wilson

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